Aug 25 2015
Technavio has published a new report on the cement market in Nigeria, which is expected to grow at a CAGR of nearly 14% from 2015-2019.
About the Report
According to the new report by Technavio, increased construction activities has led to a high demand for cement in Nigeria, which has motivated leading cement manufacturing companies such as CCCN, BUH, and Lafarge to expand their production capacities.
“In July 2015, CCCN announced a plan to invest $200 million toward modernizing its production facility, and the BUA group invested $500 million in its Greenfield Cement Plant in Okpella to expand production to 3 MT per annum. This trend will drive the growth of the cement market in Nigeria,” says Faisal Ghaus, Vice President of Technavio.
The latest report by Technavio also highlights the cement manufacturing companies in Nigeria, which have their own quarries in order to reduce their dependency on third-party suppliers and lower production costs.
“For instance, leading manufacturers such as Dangote Cement and Lafarge have their own integrated raw material production units,” adds Ghaus.
Market Scope and Calculation of Market Size
The new Technavio report covers the present scenario and growth prospects of the cement market in Nigeria Market from 2015-2019. The market size calculation considers construction spending and the total demand for cement in the country.
Source: http://www.technavio.com/